Spell Token (SPELL) Price

SPELL is the token of the Abracadabra protocol. It is mainly used for incentives and can participate in protocol revenue sharing and governance through staking. Simply holding SPELL does not automatically grant these two types of rights; users must stake it through the sSPELL or mSPELL route to establish the corresponding staking status and voting rights. Both routes count votes based on the amount of SPELL staked: each 1 SPELL staked corresponds to 1 vote. Their main difference is not governance voting power, but the asset and method through which revenue is reflected.

SPELL's practical uses center on governance and revenue sharing after staking. After users stake SPELL as sSPELL or establish an mSPELL staking position, they receive governance voting power according to the amount staked; protocol revenue is distributed in different forms depending on the chosen route. Under the sSPELL route, revenue is reflected in an increase in sSPELL's value relative to SPELL; under the mSPELL route, fees generated by lending markets and retained in MIM are distributed to stakers in proportion to the amount of SPELL in each staking pool. Therefore, governance rights are measured the same way, but the reward asset and claiming method differ.

sSPELL is a tokenized staked share held after staking SPELL; mSPELL, by contrast, is not a token separately issued to a wallet, but a mechanism that records staking status. Both represent SPELL staked by the user and can provide governance voting power. sSPELL fee revenue is not distributed as separately claimable SPELL, but accumulates in the share value: as fees accumulate, the amount of SPELL represented by 1 sSPELL increases. mSPELL deposits MIM fees generated by lending markets into the staking pool and distributes them in proportion to the amount of SPELL each user has staked in the pool; users may claim pending MIM after satisfying the restrictions.

You cannot unstake immediately. Whether sSPELL or mSPELL is selected, SPELL cannot be unstaked during the first 24 hours after deposit; this means a newly deposited position cannot be converted back into freely usable SPELL during that period. mSPELL has the same restriction related to rewards: rewards cannot be claimed during the first 24 hours after deposit. After 24 hours have elapsed, whether there is claimable MIM depends on the rewards accumulated by the position; this is a different operation from unstaking.

SPELL has a total supply of 210 billion tokens. This figure results from an executed supply burn: the original total supply was 420 billion tokens, of which 210 billion were minted into the SPELL contract itself, and that contract cannot access those tokens, so this portion is effectively permanently removed from the available supply. This event changed the total supply rather than redistributing tokens to holders. The official tokenomics page also lists the historical allocation framework for the post-burn supply, including global liquidity incentives, team allocation, and the initial DEX offering; allocation percentages do not equal the actual circulating supply at a given point in time.

When choosing a staking route, first distinguish between network availability and the form of rewards. sSPELL can only be staked on Ethereum mainnet, and rewards are reflected through changes in sSPELL's redemption value against SPELL; mSPELL is available on Avalanche, Arbitrum, Ethereum, and Fantom Opera, and settles as pending MIM rewards. Neither route's displayed annualized rate is a fixed commitment: official documentation states that this metric is calculated from DAO revenue over the most recent 30 days and changes with protocol revenue. Users should also use the staking page rather than sending tokens directly to a staking contract address, because the official documentation explicitly warns that direct transfers may result in asset loss.